Business Resource Hub + Economic Snapshot |
|
The Economic Snapshot & Business Resource Hub is a monthly newsletter of the City of St. John’s highlighting economic indicators, upcoming business events and recent business news/resources for the St. John’s metro area.
Learn more at advantagestjohns.ca
|
|
City Initiatives and Updates |
|
Most economic indicators are expected to post increases this year in the St. John’s Census Metropolitan Area (CMA) as activity has, for the most part, rebounded from COVID-19 shutdowns. Retail trade is expected to increase significantly throughout 2021 due to pent-up demand and increased tourist activity, and household income is expected to grow by 2.2%. The number of housing starts is expected to increase by about 19.5% to just under 500 units, this would be a 4.0% increase compared to pre-COVID levels in 2019. Real Gross Domestic product in the St. John’s CMA is forecast to rise slightly to $17.2 billion; total GDP growth is being held back by declining oil production. The unemployment rate is expected to decrease to 8.1% in 2021 due almost entirely to a decrease in the labour force.
|
|
|
Interview with St. John’s Success Story PanGeo
In this video interview with President and CEO of PanGeo Moya Cahill, Mayor Danny Breen learns more about this innovative St. John’s success story, while highlighting some of the many advantages to living, working, studying and investing in our city. St. John’s based PanGeo specializes in high resolution acoustic imaging solutions to mitigate risk in offshore installations. With additional offices in Halifax, Aberdeen and Taiwan, PanGeo continues to expand its global footprint. St. John’s has become Canada’s ocean city powerhouse, as the epicentre of the national ocean innovation ecosystem. Learn about the St. John’s advantage in ocean technology advantagestjohns.ca
St. John’s Seeking Feedback on Pedestrian Mall
If businesses have any thoughts on the Downtown Pedestrian Mall in St. John’s, public engagement to collect online feedback is open until September 30. The goal of the Pedestrian Mall was to stimulate the downtown economy while providing businesses with expanded operating space. To provide your feedback on the 2021 Pedestrian Mall event:
|
|
Don't Get Dieppe'd. Get Local.
The St. John’s Board of Trade has launched a new marketing campaign Don’t Get Dieppe’d. Get Local. The campaign references the age-old lament of many people waiting on a parcel package to arrive only to find that it is sitting in a warehouse in Dieppe, New Brunswick. It is intended to get consumers thinking about where they purchase from and why by focusing on the challenges of buying out of province. We know that when we order from away, we can’t control things like shipping delays, hidden fees, and damaged or lost parcels. On the other hand, we know that by shopping here at home, we get our items right away, in perfect condition, and from someone who is investing in Newfoundland and Labrador’s economy. www.dontgetdiepped.ca
.
Suncor Energy Moves Forward with Terra Nova FPSO Extension
Suncor Energy is confident in East Coast Canada’s energy future and has announced that it is moving ahead with the asset life extension for the Terra Nova project. Suncor, Cenovus and Murphy Oil, now control 100% of the project. The extension is expected to extend production life by approximately 10 years, providing an additional 70 million barrels of oil. Production is expected to restart by end of 2022. The deal also includes royalties and financial support from the Government of Newfoundland and Labrador, totalling up to $205 million. Read more here: www.suncor.com
|
|
|
|
Making Waves Globally: Canada's Ocean Tech Economy |
With the world’s longest coastline, Canada’s ocean technology sector is flourishing, thanks to forward-thinking solutions and initiatives such as the Ocean Supercluster, which supports more than 100 innovative oceans solutions and helps bring new products to the market. This video series sponsored by Invest in Canada profiles locally based Kraken Robotics as one of the case studies. Kraken is a tech and robotics company specializing in ocean data who are seeing tremendous growth opportunities for the future.
|
|
Latest Economic Indicators |
|
City Building Permits
September 7, 2021
|
Commercial permits
were down -18% from $123,648,813.72 in 2020 to $101,910,028.79 in 2021
Industrial permits
were valued at $3,000.00 for 2020 and $4,164,500.00 for 2021
Government/Institutional permits
were up from $136,500.00 in 2020 to $1,500,499.00 in 2021*
Residential permits
were up 33% to $38,172,463.62 for 2021 over $28,664,444.06 for 2020
Repair permits
up 4% from $2,186,923.88 in 2020 to $3,530,826.43 in 2021
Total value of all permits
was down 3% to $149,278,317.84 for 2021 over $154,639,681.66 for 2020
*Note that this data does not include the full range of permit activity undertaken by the provincial government and Memorial University.
|
|
Alex Foley’s Martial Arts Academy, 585 Torbay Rd.
Oceanic Relief, 286 Todbay Rd.
Spirit Leaf, 200 Water St.
Dermatology clinic, 430 Topsail Rd.
Starbucks, 40 Kenmount Rd.
Burger King, 40 Kenmount Rd.
People's Pizza Take-Out, 55 Kiwanis St.
Wags to Whiskers, 48 Kenmount Rd.
Fuzz Wax Bar, 2 Danny Dr.
Hair salon, 10 Forbes St.
Summer Bistro, 148 Duckworth St.
Family Child Care services, 81 Edison Pl.
Barber Shop, 391-395 Empire Ave.
Home-Based Businesses
Home Office, 10 Hoyles Ave.
Home Office, 41 Ballylee Cres.
Home Office, 42 Rumboldt Pl.
Business Approvals to date for 2021
Total 95
Regular 77
Home-based 18
|
|
|
Labour Force Characteristics |
...as of August 2021
-
Labour Force 113,000 (down -4.4%)
-
Unemployment Rate 6.9% (down -4.1 ppts)
-
Employment 105,100 (down -0.1%)
-
Participation Rate 62.1% (down -3.2 ppts)
St. John's CMA, seasonally adjusted, three-month moving average. Percentage change reflects the same month previous year. Source: Statistics Canada.
|
|
The New Housing Price Index for St. John’s Metro was 102.3 in July 2021 up 5.6%*
The Consumer Price Index for St. John’s Metro was 143.5 in July 2021 up 4.0%*
Retail trade for Newfoundland and Labrador was $818 million in June 2021 down -1.6%*
* St. John's CMA, same month in the previous year. Source: Statistics Canada
**seasonally adjusted,.
|
|
|
Department of Community Services | Economic Development, Culture and Partnerships
|
|
|
|
|
|
|
